AFM131 Lecture Notes - Lecture 1: Strategic Management, Uptodate, Lemonade

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Mohsin Bashir

Document Summary

Examines how actions and events involving top executives (steve jobs), firms (apple), and industries (the tablet market) influence a firm"s success or failure. Formal tools that exist for understanding these relationships are not enough. Choices making informed decisions because you want to be strategic! Disruptive technologies can & will change the game for businesses, creating entirely new opportunities, costs & value propositions. Continuously scan for new opportunities / challenges to existing profits centers. Keep employees" skills up-to-date, right people on bus! Strategic management helps answer the key question: why do some firms outperform other firms? . Examines how actions and events involving top executives, firms, and industries influence a firm"s success or failure. Various tools exist to analyse and understanding these relationships. But, creativity is central to strategic management; mastering strategy is therefore part art and part science. Plan a strategic plan is a carefully crafted set of steps that a firm intends to follow to be successful.